How Dubai’s non-oil foreign trade reached AED952 billion ($259.2 billion)?

Dubai’s non-oil foreign trade hits $259bn in first nine months of 2016. Official figures show Dubai saw a 11% rise in the total volume of traded goods, up to 70.82 million tonnes. Dubai’s non-oil foreign trade reached AED952 billion ($259.2 billion) in first nine months of 2016, according to official figures. Imports had the lion’s share at AED594 billion, while exports and re-exports accounted for AED109 billion and AED249 billion, respectively, news agency WAM reported.

Dubai City, Burj Khalifa Tower
Dubai City, Burj Khalifa Tower

It said Dubai saw a 11 percent surge in the total volume of traded goods in the first nine months of 2016 compared to the same period last year, rising to 70.82 million tonnes. “To offset the impact of the general slowdown in world economy, lower commodity prices and the slump in oil prices, Dubai has wisely restructured and broadened its sources of revenue while taking considerable measures to stimulate growth in the affected sectors,” said Sultan Ahmed Bin Sulayem, DP World Group chairman and CEO and chairman of Ports, Customs and Free Zone Corporation.

“We are moving steadily towards the achievement of UAE Vision 2021 and Dubai Plan 2021, and working hard to maintain and raise the profile of Dubai as a regional and international trade hub,” he added. According to the figures, mobile phones topped the list of high-value commodities with AED124 billion worth of trade, and computers at AED30 billion, supporting Dubai’s ambition to become the world’s smartest city. Gold trade was worth AED116 billion, followed by diamonds at AED73 billion, and jewellery at AED46 billion.

Dubai’s foreign trade in automobiles in the first 9 months of 2016 stood at AED44 billion, while the value of petroleum oils reached AED30 billion.With a bilateral trade worth AED120.8 billion, China was by far Dubai’s primary trading partner in the first 9 months of 2016, followed by India (AED70.4 billion) and the US (AED64 billion).  Saudi Arabia was Dubai’s fourth top trading partner globally and first in the GCC and Arab regions at AED39.4 billion.

Sources: QGN, Gulf Agencies, Arabian Business.